Frank Field calls for scrapping of 'triple lock'

The Work & Pensions Select Committee chairman told the BBC keeping the guarantee could cost the taxpayer an additional £50bn by 2050. It would mean raising the retirement age to beyond 70, he said. The "triple lock", implemented by the Conservative-Lib Dem coalition government under David Cameron, guarantees pensions rise by the same as average earnings, the consumer price index, or 2.5%, whichever is the highest. Retirees told BBC Radio 5 the guarantees were needed to ensure people had enough to retire on. "So many pensioners are not well off...